Bangladesh eyes US$20 billion in exports in '13 despite fiscal gloom
The Daily Star/Asia News NetworkBangladesh enters 2013 with a firm footing as the world's second largest garment exporter, raising hopes for a new wave of business despite turbulent times in parts of the globe.
January 2, 2013, 12:21 am TWN
The World Trade Organization declared Bangladesh as the second largest RMG exporter after China in 2010-11 when the country's export grew 43.36 percent year on year to US$15.66 billion in spite of global recession in 2007-2008.
Bangladesh retained its position in the following fiscal 2011-12 by exporting garments worth US$19.09 billion. And the outlook for the current fiscal is set to exceed US$20 billion.
Bangladesh now claims 4.8 percent of the global RMG trade of US$412 billion.
According to McKinsey & Company, an international management consulting firm, Bangladesh's apparel exports will reach US$36 billion by 2020.